Whitwell, Tennessee Property Taxes
The median property tax rate in Whitwell, TN is 0.59%, which is notably lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $159,500 in Whitwell, the typical annual property tax bill amounts to $948, significantly below the national median of $2,690. Property taxes in Whitwell are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Whitwell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Whitwell or another part of Grundy County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Whitwell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$941
$873
Ownwell’s Whitwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitwell to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Whitwell, Tennessee
Property taxes in Whitwell, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitwell is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Whitwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitwell estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Whitwell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37397 has the highest median property tax rate of 0.59%, while the same zip code 37397 also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Whitwell provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Whitwell Tax Rate
0.59%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Whitwell, Tennessee
In Whitwell, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grundy County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Whitwell, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Whitwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37397, both at $948.
Average Whitwell Assessed Value
$159,500
Average Grundy County Assessed Value
$82,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | $159,500 | $159,500 | $159,500 | $159,500 | $159,500 |
Source: Ownwell
Property Tax Bills Across Whitwell, Tennessee
In Whitwell, Grundy County, TN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Whitwell, this means that the median home price of $159,500 plays a crucial role in calculating their tax bill. The tax rate in Whitwell is applied uniformly, resulting in a consistent tax bill of $948 for homes within the 25th, 75th, and 90th percentiles. This consistency simplifies budgeting for homeowners, who can anticipate their annual property tax expenses. Compared to the national median property tax rate of 0.99%, Whitwell's effective property tax rate offers a competitive advantage, making it an attractive location for potential homeowners. Understanding these factors helps residents better prepare for and manage their property tax obligations, ensuring they can plan their finances effectively.
Average Whitwell Tax Bill
$948
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | $948 | $948 | $948 | $948 | $948 |
Source: Ownwell